Record number of 4-room HDB resale flats sold at least $1m in Q1 2023: Here’s where to find them

TODAY recently reported that a record number of 4-room flats were sold for at least S$1 million in the first quarter of 2023.

Citing Wong Siew Ying, Head of Research and Content at PropNex Realty, the article highlighted that the number of 4-room flats transacting for at least S$1 million (21) is three times the number sold in the same period last year.

In fact, last year saw 38 of such flats changing hands.

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It seems like 4-room flats selling for at least a million dollars is a rising trend.

According to Christine Sun, Senior Vice President of Research and Analytics at OrangeTee and Tie, the number of million-dollar 4-room flats has increased on a quarterly basis. Q3 2022 saw six 4-room million-dollar flats sold, before rising to 13 units in Q4 2022.

The same trend is observed when we look at the proportion of 4-room flats sold per month in the last quarter, based on the flash reports.

For instance, out of the 40 million-dollar flats sold in January, seven were 4-room flats, comprising 17.5% of the S$1 million flat sales.

The proportion increased to 20.8% in February, when five of the 24 million-dollar flats sold in the month were 4-room flats.

Last month, nearly a quarter of the million-dollar flats (23.1%, or 9 out of 39) were 4-room flats. This is also a monthly record for the number of 4-room flats sold for at least a million dollars.

With that, we at have compiled a list of HDB projects that have recorded million-dollar 4-room flat transactions so far.

Those marked with an asterisk (*) are also the all-time high prices in the estate for the flat type, as of writing.

Project name HDB estate Lease commence date No. of 4-room units sold ≥ S$1m so far   No. of 4-room units sold ≥ S$1m in Q1 2023 Highest transacted price for 4-room in the project  Highest transacted price for 5-room in the project 
Pinnacle @ Duxton Central area 2011 96 9 S$1.37m*  

Oct 2022 

Current record for most expensive 4-room HDB resale flat nationwide 


Mar 2023

SkyTerrace @ Dawson  Queenstown 2016 5 2 S$1.19m*  

Feb 2023


Jul 2022 

Current record for most expensive HDB resale flat nationwide 

Tiong Bahru View Bukit Merah 2016 16 2 S$1.158m*  

Jun 2022


Feb 2023

Blk 43 Moh Guan Terrace Bukit Merah 1973 1 0 S$1.088m

Aug 2020

No 5-room
Natura Loft Bishan 2011 2 1 S$1.075m* 

Feb 2023


Mar 2023

Kallang Trivista Kallang/ Whampoa 2017 1 S$1.069m* 

Mar 2023


Jun and Aug 2022

Toa Payoh Crest  Toa Payoh 2018 4 1 S$1.05m*

Feb 2023 

No 5-room 
Buona Vista Court Queenstown 2012  1 S$1.05m 

Jan 2023 


May 2021

City Vue @ Henderson Bukit Merah 2019 4 S$1.04m 

Mar 2023


May 2022 

Ghim Moh Edge Queenstown 2018 2 0 S$1.04m 

Dec 2022

No 5-room
Havelock View Bukit Merah 2013 1 S$1.01m 

Mar 2023 


Oct 2021

The Peak @ Toa Payoh Toa Payoh 2012  1 S$1m

Mar 2023


Aug 2022* 

Bendemeer Light Kallang/ Whampoa 2017 2 1 S$1m 

Jan 2023 and Jun 2022 

No 5-room 

Unlike the other 4-room million-dollar flats transacted so far though, the Moh Guan Terrace transaction is an outlier. While it’s considered a very old flat (it had a remaining lease of 51 years 5 months when it was sold), perhaps one main reason is because it’s an adjoined flat with a floor area of 1,410 sq ft that led to the high price.

43 moh guan terrace
Block 43, Moh Guan Terrace, where the S$1.088 million unit is located. Source: Google

(We talked more about the possible reasons here.)

And here are all-time high prices of 4-room flats that have crossed the million-dollar mark in their respective estates

Project name HDB estate  Size (sq ft) Transacted price Price psf Transacted date
Pinnacle @ Duxton Central area 1,001  S$1.37m S$1,369 Oct 2022 
SkyTerrace @ Dawson Queenstown 1,023 S$1.19m S$1,163 Feb 2023
Tiong Bahru View Bukit Merah 936 S$1.158m  S$1,237 Jun 2022
Natura Loft Bishan 1,023 S$1.075m S$1,050 Feb 2023
Kallang Trivista  Kallang/ Whampoa 1,023 S$1.069m S$1,045 Mar 2023
Toa Payoh Crest Toa Payoh 1,001 S$1.05m S$1,049 Feb 2023

4-room HDB flats for sale S$1m and above


Reasons why there are 4-room HDB resale flats breaching the million-dollar mark

Compared to the other million-dollar flats sold so far (such as jumbo flats and executive apartments, which are bigger than typical HDB flats), size is probably less of a factor for these buyers.

For instance, the most expensive 4-room flat in Pinnacle@Duxton (and nationwide) was sold at an eye-watering price of S$1,369 psf. This is S$142 psf higher than the S$1,227 psf for the most expensive 5-room flat in the same project.

Central location and remaining lease seem to be the bigger factors driving up the prices. While most of the 4-room flats are located at Pinnacle@Duxton that’s situated in the heart of Tanjong Pagar, the other flats are also located in popular city-fringe locations such as Dawson, Tiong Bahru, Kallang, Toa Payoh and Bishan.

Except for the Moh Guan Terrace flat, these flats have at least 85 years of remaining lease when they were sold, meaning they are still relatively new and in good condition.

What’s more, excluding Toa Payoh Crest and Bendemeer Light, these projects are where we usually find 5-room million-dollar flat sales.

Compounding this is the temporary measure aimed at private property owners aged 55 and above to cool down the HDB resale market, who aren’t subjected to the 15-month wait if they go for a 4-room flat or smaller. With the sale proceeds of their private properties, they may be more willing (and financially capable) to pay for such a high price to live in a central location.

More importantly, HDB has no longer built new 5-room flats in central locations such as Queenstown, Bukit Merah, Kallang and Toa Payoh. Likewise, the Prime Location Public Housing (PLH) model has stricter eligibility requirements for resale flats, such as the 10-year MOP and income ceiling.

These may have also pushed buyers who want to live in a relatively new HDB flat in these popular central locations to pay such a high price for a 4-room flat in these projects.

Thinking of selling your 4-room HDB flat for a record price? Let us help you get connected with a premier property agent.

If you found this article helpful, recommends Million-dollar 4-room HDB resale flats: What, Where, Why and When? and Recently MOP-ed resale HDB projects near the May 2023 BTO locations.

The post Record number of 4-room HDB resale flats sold at least $1m in Q1 2023: Here’s where to find them appeared first on .

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